Banking Reviews: The IGO Banking High-Yield Savings Account

In the last few years, there have been dozens of new high-yield savings accounts which offer online access. These banks have attempted to copy ING Direct's success in the online savings world. One of the latest entries into this market is IGO Banking. They have created a savings account similar to the other high-yield savings accounts available and have brought a very desirable interest rate. Is it where you should put your money? We decided to review the savings account and find out.

IGO Banking is a division of Flushing Savings Bank which is located in New York. The institution was founded in 1929 and offers a number of financial services in addition to its online savings through IGO Banking. The IGO Banking division of Flushing Savings Bank was created in November of 2006, so it is one of the newest members of the online savings world. Bankrate.com gives the website a four star rating, meaning that its customer service is more than satisfactory.

IGO Banking's high-yield savings account offers a number of features that makes it appear to be very desirable. Currently it is offering an interest rate of 5.30% APY, which as at the top of the list in interest rates except when dealing with extremely large amounts of money. It is quite common for new banks to start off with a very high interest rate to attract customers when just opening the bank and then lower the rate as time goes on. Time will tell if IGO Banking will continue to remain at the top of the list, or will lower their interest rates as so many other online savings accounts have.

The savings account from IGO Banking has no minimum balance, making it a desirable place to start saving money if you don't have a lot to begin with. In addition the savings account has no fees, so you should not have to worry about any "gotchca's." In addition to an online application, there is an option to apply by mail.